The pipeline-and-storage firm, which is also one of the largest U.S. asphalt companies, is poised to take advantage of growing oil production in and around its home turf of Texas as major producers look to raise money and concentrate on their upstream businesses. NuStar Energy has said it would most likely go on a buying spree as larger oil and gas companies strip themselves of pipeline and terminal assets.

NuStar reported a profit of $19.8 million, or 30 cents a unit, down from $41.9 million, or 65 cents a unit, a year earlier. Revenue increased 61% to $1.93 billion.

The storage segment's operating profit was up 12% and revenue rose 12%. Operating profit rose 0.6% at the transportation segment on higher revenue of 2.2%. The asphalt and fuels marketing business saw 73% higher sales, while its swung to a loss of $12.5 million from a profit of $15.7 million a year earlier, amid higher input and operating costs.

Meanwhile, NuStar GP's profit rose to $19 million, or 45 cents a unit, from $15.3 million, or 35 cents a unit, a year earlier. Analysts were expecting earnings of 31 cents a share.

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